Your March Real Estate Update

Sales were up by 14% in February 2024 compared to the same month last year.

In the dynamic real estate landscape of south-east New Brunswick, February 2024 heralded a notable
surge in sales activity, painting a picture of robust market growth and escalating property values. The
month saw a remarkable uptick, with sales soaring by a commendable 14% in contrast to the
corresponding period of the preceding year. This pronounced surge in sales manifested in the
disposition of 266 real properties, signaling an increasingly buoyant market sentiment.

As the year unfolds, the momentum of this burgeoning market shows no signs of abating. Year-to-date
statistics reveal a steady ascent, with a cumulative total of 509 properties changing hands, marking a
substantial 12% increase in the volume of transactions. However, perhaps the most striking indicator of
the market's vigor lies in the staggering 49% surge in the total value of properties traded during the
month, underscoring a palpable uptrend in property valuations.

Against this backdrop of heightened market activity, the average price of homes in the south-eastern
region of New Brunswick during February 2024 stood at a noteworthy $327,051, accompanied by an
average listing duration of 61 days—a testament to the enduring appeal of the region's real estate
offerings.

Yet, beneath the surface of this apparent flurry of activity, the market reveals subtle shifts in dynamics.
Despite the robust sales figures, the region grapples with a persistent scarcity of available properties for
prospective buyers, with only 1,697 listings available by the month's end. This scarcity is further
underscored by a modest uptick in new listings, with 461 properties entering the market during the
preceding month—a 20% increase over the same period in the previous year. Consequently, the total
tally of new listings for the year registers a corresponding 20% surge compared to 2023, reflecting the
enduring allure of the region as a sought-after real estate destination.

Moreover, as the market continues its evolution, indicators such as the list-to-sale ratio offer insights
into the shifting balance of power between buyers and sellers. February 2024 witnessed a list-to-sale
ratio of 60%, marking a notable decline of 17 points compared to the previous year. This downward
trend signifies a gradual transition towards a more equitable and balanced market environment, as
buyers gain increased leverage in negotiations.

In summary, February 2024 emerges as a pivotal juncture in the trajectory of south-east New Brunswick's real estate landscape, characterized by buoyant sales figures, escalating property values, and subtle shifts in market dynamics. As the region navigates this evolving terrain, stakeholders stand poised to capitalize
on the myriad opportunities presented by this vibrant and dynamic market.